Do you want a retirement account that you can save tax on? If so, then you should set up an IRA. Specifically, a self-directed IRA.
So.. would you want a Roth IRA, or a Traditional IRA? Well, it all boils down to your preference. If you want to have a tax-advantaged IRA, then you want to have a Traditional IRA. If you want to have a tax-free IRA, then you want to have a Roth IRA.
Next, you want to find a place to invest your retirement account in to. More often than not, people become invested in a brokerage account, whether it’s on their own will, or not. A lot of brokers/retirement account custodians tell you, “You can’t invest in anything but the market! A brokerage account is where a retirement account is invested, no if’s and’s or butt’s!” Well, that’s not true. They call it a “self-directed” IRA for a reason. You’re meant to direct the funds to invest wherever you’d like. The issue stands in that most custodians don’t care about your wants, only about the money. There are VERY FEW custodians that’re actually truthful, and let you invest your IRA wherever you’d like. It’s recommend you AVOID a brokerage account, as the stock market is unstable. People have lost more than 75% of their retirement account over the last few years, and it’s all because they were invested in the stock market.
Now, you have your basic outline down. It’s time to actually open the account. Setting up a self-directed IRA can be a difficult process, as finding the correct custodians, and setting up the IRA so you can direct your funds properly can prove EXTREMELY tiresome. You need to fill out a rather large sum of forms, as well as get the correct structure of your IRA to be able to invest your retirement wherever you want willingly. Fortunately, Fortune DNA knows of TRUE self-directed IRA custodians, so if you’re needing help with controlling YOUR future, feel free to call (702) 637-4040!
The last step is to dream of your retirement. You’ll save TONS on your retirement through utilizing an IRA. Start thinking about how you’re going to spend your blissful retirement! Will you get an RV, and explore the country? Or will you spend it on building your dream house? It’s up to you!
If you’d like more information on how to set your IRA up properly, call us for information at (702) 637-4040!